Property Management Licensing Practice Exam · Question
A property manager in Alberta is administering a trust account. Which of the following is permitted practice?
All funds received on behalf of clients, such as security deposits and rent, must be deposited into a designated trust account. Personal funds and office expens
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Question: A property manager in Alberta is administering a trust account. Which of the following is permitted practice?
Answer options:
- Depositing personal funds into the trust account to cover an unexpected shortfall.
- Using trust funds to pay for office supplies when the operating account is low. ✅ Depositing all security deposits and collected rents into the trust account.
- Holding collected rents in a personal bank account for immediate access.
Correct answer: Depositing all security deposits and collected rents into the trust account.
Explanation: All funds received on behalf of clients, such as security deposits and rent, must be deposited into a designated trust account. Personal funds and office expenses must not be commingled with trust funds.
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